Diving into Wealth Management for Retail Banking

Diving into Wealth Management for Retail Banking

The World has come closer! Just like ordering food online from a restaurant or booking a cab from any online transportation platform in a couple of seconds, banking applications are also becoming handy. The routine bank transactions like cash deposits, bill payments, transfers, payment reminders and loans applications are just a click away. But the main challenge bank faces is loyalty crisis. Most of the banks don’t reach out to their consumers to understand their banking needs. But Salesforce Financial Services Cloud has brought consumers and banks on a single platform to enhance customer-focused sales practice.

Financial Advisors can easily connect with their clients in a completely new way using a great Salesforce CRM which is mainly focused on Financial Services. In this new era of wealth management software, advisors can collaborate with their clients from any device. This helps investor as well as advisor to attain their individual goals and life events. Let’s understand how! An investor can handle their investments more smartly by matching their predefined financial goals whereas advisors can build up one to one communication with customers for key investments decisions.

Salesforce has come up with industry-specific applications to create personal experiences between client and monetary advisor in the finance industry. For building more trust and loyalty among clients, Salesforce has announced Salesforce Financial Services Cloud for Retail Banking. This enables retail bankers to deliver the highly personalized, intelligent and connected banking experiences that clients expect. Every bank employee has a complete view of their customers. Right from teller to the mortgage officer, everybody can have a complete view of their customers to work smartly and collaboratively.

SVP and GM of Financial services at Salesforce, Mr.Rohit Mahna has also said in support of Salesforce Financial Services Cloud for Retail Banking that there is no more competence between bank, now they are being compared as a convenient user experience provider that builds royalty. He also added that, “Salesforce is making it possible for customers to love their banks again”.

On the other hand, customers are becoming familiar with new features and new innovations in retail banking data model. One can sum up all the data together and by aggregating this information from several systems, bankers create To-do lists including alerts and tasks.

With the evolving needs, banks can use APIs to extend the functionality of Financial Services Cloud. Banking is getting stimulated with the latest evolution and expanding trends in Artificial Intelligence. In addition, Salesforce Einstein can identify highest priority referral profiles, new record types and new components so that it helps to find out whom to reach out. For instance, nCino bank’s operating system can embed workflows in financial service cloud to originate financial products like loans and deposits.  So day by day, this keeps on unleashing more and more features.

In conclusion, this evolving technology keeps extending the functionalities across the system so that the customers can completely rely technologically on Salesforce Financial Services Cloud platform.

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